After opening in the green, the Dow Jones (DJIA) briefly fell into negative territory before reverting higher.
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President Trump is set to announce a $100 billion domestic investment from Apple (AAPL) at 4:30 Eastern Time today. The investment builds on a previous commitment of $500 billion, bringing the tech giant’s total investment to $600 billion over four years. Apple’s investment could help the company receive a tariff carveout for certain products, similar to the special treatment it received during Trump’s first term.
Meanwhile, Minneapolis Fed President Neel Kashkari has said that a pair of cuts by the end of the year “seems to be reasonable” as the data shows that the economy is slowing down. Each rate cut is equivalent to 25 bps.
“That tells me, as one policymaker, I need to start leaning more on the data that I’ve got confidence in,” Kashkari said in an interview with CNBC on Wednesday. “The economy is slowing – and that means, in the near term, it may become appropriate to start adjusting the federal-funds rate.”
On the tariff front, President Trump has signed an executive order to impose an additional 25% tariff on India, bringing the country’s total rate to 50%. India responded by calling the actions “unfair, unjustified and unreasonable.” Earlier this week, Trump warned that he would hike India’s tariff as a punishment for its purchases of Russian oil. Trump also accused India of buying Russian oil in order to sell some of it on the open market for a profit.
The Dow Jones is up by 0.23% at the time of writing.
Which Stocks are Moving the Dow Jones?
Let’s pivot to TipRanks’ Dow Jones Heatmap, which illustrates the stocks that have contributed to the index’s price action.
Apple (AAPL), which carries a 2.99% weight in the index, is the top-performing Dow Jones stock ahead of its $100 billion investment announcement later today. Disney (DIS) isn’t as fortunate, as the entertainment powerhouse is falling after a slight revenue miss for its third quarter earnings. McDonald’s (MCD) also reported its earnings with a double beat on revenue and adjusted EPS.
Walmart (WMT) is catching a bid following a positive note from UBS. The investment firm believes that the retailer’s “underlying momentum remains strong” and that its margins have room to grow. In addition, WMT received another boost with its Walmart+ memberships growing by 11% month-over-month in July.
DIA Stock Moves Higher with the Dow Jones
The SPDR Dow Jones Industrial Average ETF (DIA) is an exchange-traded fund designed to track the movement of the Dow Jones. As a result, DIA is rising alongside the Dow Jones today.
Wall Street believes that DIA stock has room to rise. During the past three months, analysts have issued an average DIA price target of $492.57, implying upside of 11.37% from current prices. The 31 stocks in DIA carry 29 buy ratings, 2 hold ratings, and zero sell ratings.